Global Text-to-Speech Market Report and Forecast 2024-2032

Global Text-to-Speech Market Outlook

The global text-to-speech market size reached approximately USD 3.45 billion in 2023. The market is assessed to grow at a CAGR of 23.3% between 2024 and 2032 to attain a value of around USD 21.71 billion by 2032.

Key Takeaways

• The market is impacted by the global shift towards inclusion, since text-to-speech is a helpful tool for those who are blind or have linguistic challenges.

• At least 2.20 billion people worldwide suffer from a vision impairment that impairs their ability to see near or far away, according to the World Health Organisation.

• The primary causes of distance vision impairment or blindness include diabetic retinopathy, cataracts, glaucoma, refractive error, and age-related macular degeneration.

The rising emphasis on personalised customer experience is one of the key text-to-speech market trends. TTS technology can enhance conversational skills, facilitate the automation of routine calls, and provide voice-enabled chatbots to enhance customer engagement and appeal to visually impaired individuals. By using text-to-speech technology, businesses save on time and cost otherwise invested in hiring voice talent. TTS technology helps companies generate high-quality voiceovers without needing expensive voice actors.

Some of the factors driving the text-to-speech market growth are the rising need for personalised customer services, rapid digitalisation, the rising demand for consumer electronics, and the need to help people facing reading difficulties.

Key Trends and Developments

Rapid digitalisation, a significant number of people suffering from dyslexia, and advancement in TTS technology, drive the text-to-speech market development

Global Text-to-Speech Market Trends

Globally, around 700 million people are estimated to live with dyslexia. By making their content more accessible, businesses create a more inclusive workplace. Additionally, by incorporating text-to-speech technology into learning and training materials, businesses are enhancing their employee learning experience. Also, the rising popularity of audiobooks, podcasts, and webinars, is increasing the adoption of TTS technology to help businesses create high-quality informative, and engaging audio content.

Market Segmentation

Global Text-to-Speech Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Neural and custom text-to-speech solutions are widely adopted due to their efficiency and aid the growth of the text-to-speech market

Custom neural voice enables the building of a one-of-a-kind, customised, synthetic voice for various applications including virtual customer support agents, educational media/learning materials, and entertainment media. Some of the prominent companies providing neural custom text-to-speech services include Microsoft Corporation, Google LLC, and IBM.

Non-neural or concatenative text-to-speech is used to create speech by concatenating pre-recorded speech segments. Concatenative TTS which works with fixed sound sequences, offers audible and intelligible verbal sentences. Concatenative text-to-speech offers high-quality audio in terms of intelligibility and also provides the possibility of preserving the original actor’s voice.

Banking, Financial Services and Insurance (BFSI), is expected to hold a significant text-to-speech market share as banks widely adopt TTS to enable interactive voice response calls

The Banking, financial services, and insurance (BFSI) segment is a crucial contributor to the text-to-speech market growth. TTS is being widely adopted in the banking sector, as it allows checking of finances and the stock market on the go. Also, it is used to provide enhanced security and customer experience by making it more accessible, and personalised. Banking call centres make use of TTS as it becomes easy to create texts and convert them to pre-recorded voices for interactive voice response calls.

Text-to-speech is widely applied in the telecommunications sector to provide customised messaging that the caller can engage with. The software can develop words from a customer’s records that are read back to them in a professional voice. Telecommunication companies are adopting speech technology to cater to the increasing requirements of customers such as self-service, and access to information 24/7. In 2022, the Information technology (IT) spending on telecommunications services accounted for USD 1,425 billion.

Retail businesses are rapidly digitising their operations with technologies such as text-to-speech to enhance operations and provide better customer experiences. Additionally, it allows online customers to receive product descriptions, reviews, and promotional content in audio format, improving convenience and accessibility, aiding the text-to-speech market development. Some of the top TTS solutions for interactive kiosks used in the retail sector include Murf, Speechify, WellSaid Labs, Natural Reader, Amazon Polly, FakeYou, and TTSReader.

The adoption of text-to-speech assistance in the travel and tourism sector enables improved customer experience. Text-to-speech allows companies in the hospitality sector to make it easier for people to get around and offer tours in various languages, at the same time. In 2021, the global tourism sector grew 24.7% y-o-y, and in 2022, it grew a further 22% reaching a GDP contribution of USD 7.7 trillion.

Competitive Landscape

The market players are increasing their collaboration, partnership, and research and development activities to gain a competitive edge in the market

Other key players in the text-to-speech market include Acapela Group, CereProc Ltd, iFLYTEK Co., Ltd., Sensory Inc., and ReadSpeaker B.V., among others.

Figure: Pricing Models for Amazon Polly

With Amazon Polly, customers only pay for the services they opt for. Pricing is based on the number of characters of text that is converted either to speech or to Speech Marks metadata. Customers can also cache and replay Amazon Polly’s generated speech at no additional fees.

Global Text-to-Speech Market Analysis by Region

North America is expected to hold a significant share in the text-to-speech market as businesses aim at increasing inclusivity

According to the text-to-speech market analysis, the TTS technology eliminates accessibility barriers. It helps people with disabilities and second-language learners by providing high-quality audio. Voice technology is also crucial for the retail and banking and financial services sectors to expand their customer base by providing a more immersive experience. In November 2021, Instagram added a TTS feature to its toolset. By October 2022, Disney Parks was collaborating with TikTok to offer TTS character voices for user-generated clips.

According to the text-to-speech market report, the European market for text-to-speech is driven by the adoption of technologically advanced TTS systems, such as neural TTS. These systems help businesses generate a voice that sounds like a human. Deep learning technology is enabling TTS models to analyse human speech patterns, pitch, and intonation, enhancing the personal experience for consumers.

Key Highlights of the Report

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Text-to-Speech Market Report Snapshots

Text-to-Speech Market Size

Text-to-Speech Market Trends

Text-to-Speech Market Regional Analysis

Text-to-Speech Companies